They sold a basin and kept the two that pay
Ovintiv (TSX: OVV) reported second-quarter 2026 results on July 23. Volumes averaged 615,000 boe/d: 206,000 barrels a day of oil and condensate, 82,000 barrels of other NGLs, and 1,959 MMcf/d of gas. Oil and condensate cleared the top of guidance. Cash from operations was $1.6 billion. Non-GAAP free cash flow was $682 million after $574 million of capital. Net earnings were $456 million, or $1.62 a share, after a $337 million pretax loss on the Anadarko sale. That sale brought about $2.82 billion cash after closing adjustments. Net debt was $2.995 billion, or 0.6 times adjusted EBITDA. Liquidity was about $4.4 billion, including $700 million of cash.
Full-year production is now 630,000 to 645,000 boe/d. Oil and condensate is 210,000 to 212,000 barrels a day. Gas is 2,025 to 2,075 MMcf/d. Capital is unchanged at $2.25 to $2.35 billion. CEO Brendan McCracken said the company replaced 2026 drilling locations in both the Permian and the Montney and wants 4 percent oil production per share growth with no extra spend. Second-quarter returns were about $429 million, 63 percent of free cash flow: $345 million of buybacks (6.1 million shares) and $84 million of dividends. The board set $0.30 a share, payable September 29.
Permian is the oil. Montney is the gas stack
Permian averaged 231,000 boe/d, 78 percent liquids, with 38 net wells turned in line. Full-year Permian capital is $1.325 to $1.375 billion, about five rigs and 125 to 135 net wells. Second-half oil and condensate there is about 125,000 barrels a day. Montney averaged 374,000 boe/d, 27 percent liquids, with 40 net wells. Full-year Montney capital is $875 to $925 million, about six rigs and 130 to 140 net wells. Second-half Montney gas is 1.7 to 1.8 Bcf/d. Unhedged realizations were $97.50 a barrel for oil and condensate (105 percent of WTI) and $1.71 per Mcf for gas (59 percent of NYMEX). Hedged, those were $91.22 and $1.99.